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Peter Kolchinsky‘s RA Capital Management has slashed its position in Alcobra Ltd (NASDAQ:ADHD) to just under 1.31 million shares according to a new 13G filing with the SEC. The position now amounts to 4.7% of the stock’s float and is well down from the more than 3.03 million Alcobra shares which RA Capital owned as of June 30.

The filing, which has a date of event of October 13, comes not long after Alcobra Ltd (NASDAQ:ADHD) shares plummeted by 50% following the FDA placing a full clinical hold on its phase III trial of MDX after it uncovered an adverse neurological impact from the ADHD treatment during a pre-clinical trial. Cantor Fitzgerald seemed positive at first that the hold could be removed, citing its pre-clinical nature, as opposed to clinical, but later downgraded the stock to ‘Hold’ and slashed its price target on it to $2. Three other analyst firms also downgraded the stock following the news.

Alcobra Ltd (NASDAQ:ADHD) was held by 15 of the funds in our database on June 30, which owned 52.1% of its float in aggregate, making it one of the stocks they were most overweight. Prominent healthcare-focused hedge funds that owned shares of Alcobra at the end of June included Julian Baker and Felix Baker’s Baker Bros. Advisors, Kevin Kotler’s Broadfin Capital, and Anders Hove and Bong Koh’s VHCP Management.

Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:

[ ]

Rule 13d-1(b)

[X]

Rule 13d-1(c)

[ ]

Rule 13d-1(d)

*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).